How to Define Your Target Market: 6 Steps to Follow
Here are the steps you need to follow!
A target market is a specific group of buyers for which a business positions and promotes its products and services. In other words, it is a group of people who will most likely buy the products and services you selling Online. There are some many new business owners who don’t take the time to clearly analyze and define the target market which means they waste their time and money as they promote their products to a group of people who don’t really wants to buy their products or services. There are some business owners who define the target market as “everyone”, however, this is also not helpful because the ideal customers have specific characteristics, traits, and situations that your products and services can speak to. By determining your target market you will be able to place your marketing message using words that specifically speak to their needs and desires.
The situations, traits, characteristics, needs and wants of your ideal customer fit them into different segments of the market. If you are wondering how to segment a market, there are 3 most common segmentation types:
➢ Geographical segmentation that is based on a location such as a street address, city or state.
➢ Demographic segmentation which is a type of segmentation that focuses on features such as race, gender, and age.
➢ Psychographic segmentation which considers attributes and relates to personality, attitudes, values, interests, lifestyles, and etc.
In order for you to segment potential customers into a target market, you need to know exactly how old are your ideal shoppers, how much money does this customer make, is the product you sell suitable for women, men or children, are they homeowners, where do they live, what type of education do they gave, and what issues, needs or desires do they have that your product or service will meet and fill.
To understand better what we are talking about here, here are 6 ways that will help you define your target market:
1. Understand the customer issues that you solve:
2. Create a picture of your target buyer:
You need to list all the types of customers that experience the issues that you solve. Then, you can start building up a picture of these customers. You can group them by location, by market sector, and etc.
3. Which customers will benefit from your products or services?
You need to determine to who will these issues be most challenging and who will have the most to lose by not avoiding or dealing with these problems. Remember to consider the account aspects such as the stress and the risk to reputation when using your solution, the bottom line cost, and etc. All of these factors make up the value in your offering.
4. The importance of niche metrics
5. What business expertise can you offer:
6. Who are your rivals?
If you are not able to answer this question, you probably have the wrong offering or the wrong target market.
Having a well-defined target market is the key to running a successful business!
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